UMB Financial profits return to higher levels in first quarter
UMB Financial Corp. posted a 44 percent jump in first quarter earnings Tuesday, rebounding from a weak quarter a year ago.
The Kansas City-based banking company said it earned $33.8 million, or 74 cents a share, compared with $23.4 million, or 52 cents a share a year ago.
Loans outstanding during January, February and March quarter averaged 11.8 percent higher than in the first three months of 2014. Loans finished March at nearly $7.5 billion, compared with $7.1 billion in securities investments.
“This year-over-year growth was fueled by commercial and industrial, commercial real estate and construction loan growth across our entire footprint,” chief executive officer Mariner Kemper sai in the company’s announcement. “We continue growing our loan portfolio while adhering to our careful underwriting philosophy, as evidenced by a 0.39 percent nonperforming loans as a percentage of the total loan portfolio.”
Assets at the end of March were $16.8 billion. The quarterly profit equaled a 0.81 percent return on assets. Profits in the quarter a year ago equaled a 0.58 percent return on assets.
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This story was originally published April 28, 2015 at 10:05 AM with the headline "UMB Financial profits return to higher levels in first quarter."